RogerRossmeisl

OCTOBER 24, 2023

If you have family members with disabilities, there may be a tax-advantaged way to save for their needs — without having them lose eligibility for the government benefits to which they’re entitled. law made changes that will allow more people to be eligible for these accounts, beginning in 2026. The SECURE 2.0

accountant 264

accountant Account accounted CPA 264

Anders CPA

JANUARY 16, 2024

The looming sunset of the expanded lifetime estate and gift tax exemption will arrive on January 1, 2026. Gifting minority interests in the business over the next two years can help you maximize the potential tax benefit of the increased gifting thresholds. million for an individual and $27.22 million for individuals and $11.18

Tax 113

Tax income tax Legal CPA 113

RogerRossmeisl

MARCH 14, 2021

Employers can qualify for a tax credit known as the Work Opportunity Tax Credit (WOTC) that’s worth as much as $2,400 for each eligible employee ($4,800, $5,600 and $9,600 for certain veterans and $9,000 for “long-term family assistance recipients”).

Tax 143

Tax CPA business tax 143

Going Concern

JANUARY 22, 2025

A federal indictment unsealed today charges Jason Alexander Jerkins, 36, of Franklin, Tennessee, with wire fraud, money laundering and tax fraud, announced Acting United States Attorney for the Middle District of Tennessee Robert E. It is currently active until 2026. JBS had office locations in Fairview and Nashville, Tennessee.

Tennessee 59

Tennessee CPA bookkeeping payroll 59

CPA Practice

SEPTEMBER 11, 2024

By Nick Coltrain The Denver Post (TNS) Coloradans will soon be able to file their federal income taxes directly online for free under a program created by the Inflation Reduction Act. Taxpayers can now directly file their Colorado state income taxes for free—separately from federal filings—through the Colorado Department of Revenue website.

Colorado 91

Colorado income tax Tax 91

Shay CPA

FEBRUARY 10, 2025

However, legislative changes enacted under the Tax Cuts and Jobs Act (TCJA) of 2017 have altered the playing field. But for tax years beginning after December 31, 2021, the TCJA now requires R&D expenses to be capitalized and amortized over: 5 years for domestic research, and 15 years for foreign research.

accrual accounting 52

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CPA Practice

JULY 1, 2024

The final regulations are viewed by proponents as critical to policing a largely unregulated sector plagued by tax avoidance. These regulations are an important part of the larger effort on high-income individual tax compliance. Our research and experience demonstrate that third-party reporting improves compliance. “Our

Tax 114

Tax Real Estate tax return Sales 114

SkagitCountyTaxServices

MARCH 6, 2025

And unfortunately, its not mostly the fun stuff keeping you busy its things more on the housekeeping side of running your business, like meeting tax and other important government deadlines. Monday, March 17 : S corporation and partnership tax returns are due for calendar-year businesses. – Tax year 2025 (reporting in 2026): 2.5K

tax return 66

tax return Tax CPA income tax 66

CPA Practice

MARCH 18, 2024

By Ken Berry The monumental Tax Cuts and Jobs Act—signed on December 22, 2017—featured a slew of provisions affecting individuals and business entities. Conversely, most changes for businesses are permanent, such as the flat 21% tax rate for corporations, but others are temporary. Notably, it reduced the top income tax rate from 39.6%

Tax 106

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Withum

SEPTEMBER 12, 2024

The Tax Cuts and Jobs Act (TCJA), enacted on December 22, 2017, indeed stands as one of the most significant overhauls of the U.S. tax code in the last 30+ years. Many of the tax changes in the 2017 TCJA, however, may not be here to stay and are scheduled to sunset between 2025 and 2028, if not extended by Congress.

Tax 96

Tax income tax Legal CPA 96

Withum

JULY 10, 2024

The bills’ passage resulted in suspending the net operating loss deduction for businesses with greater than $1 million in income and limiting business tax credit utilization, along with other changes. SB 167 suspends the net operating loss (NOL) deduction for tax years beginning on or after Jan. 1, 2025, and prior to Jan 1, 2026.

California 125

California income tax Tax business tax 125

CPA Practice

SEPTEMBER 10, 2024

The Tax Blotter is a collection of briefs of recent tax legislation and tax court decisions. In contrast to a regular 401(k), however, deferrals are made to your account on an after-tax basis. In contrast to a regular 401(k), however, deferrals are made to your account on an after-tax basis. Pay now, save later.

Tax 111

Tax accounted Account accountant 111

CPA Practice

MARCH 22, 2023

Thanks to a little-noticed law passed in 2014—the Achieving a Better Life Experience Act (ABLE) Act—a family can set up a tax-favored savings account for a disabled individual. After you establish the account and contribute to it, any earnings inside the account are exempt from current tax. Contributions are not tax-deductible).

Tax 124

Tax accountant Account accounted 124

CPA Practice

AUGUST 12, 2024

Generally, these forms will be sent separately to taxpayers and the IRS in early 2026, the agency said. Digital assets greatly increase the complexity of our tax system, and the IRS continues to work to make improvements in this area as part of our larger efforts to transform the agency,” he added. The IRS on Aug.

Tax 122

Tax Sales Finance 122

CPA Practice

JUNE 6, 2024

A new academic study found that companies increase their tax risk profile—thus more tax aggression and a higher likelihood of tax fraud—when they believe IRS scrutiny will be lower due to budget cuts. They also collected data on IRS budgets from the Treasury Department. “We

Tax 116

Tax forensic accounting audit corporation tax 116

CPA Practice

SEPTEMBER 11, 2023

He filed a refund claim alleging that token rewards he got from staking cryptocurrency are created property that is not taxed on receipt but on disposition. In other cryptocurrency tax news, brokers get guidance on how to comply with reporting rules on digital assets. A federal appeals court tosses his case. 2023-14).

Tax 116

Tax Washington Sales 116

CPA Practice

SEPTEMBER 12, 2023

He filed a refund claim alleging that token rewards he got from staking cryptocurrency are created property that is not taxed on receipt but on disposition. In other cryptocurrency tax news, brokers get guidance on how to comply with reporting rules on digital assets. A federal appeals court tosses his case. 2023-14).

Tax 111

Tax Washington Sales 111

CPA Practice

FEBRUARY 5, 2025

For the 2024 tax year, the threshold is $5,000, though reductions are expected in 2025 and 2026 The IRS initially planned to lower the reporting threshold to $600, but implementation has been delayed.

Tax 110

Tax income tax 110

RogerRossmeisl

NOVEMBER 19, 2023

Currently, the corporate federal income tax is imposed at a flat 21% rate, while individual federal income tax rates currently begin at 10% and go up to 37%. Individual rate caveats: The QBI deduction is scheduled to end in 2026, unless Congress acts to extend. appeared first on Roger Rossmeisl, CPA.

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income tax CPA Tax Start-ups 100

CPA Practice

AUGUST 1, 2024

In January, the state’s Commonwealth Court ruled that the 3% tax requiring visiting athletes like the Cleveland Browns’ Myles Garrett and entertainers like Taylor Swift to pay for the use of public facilities set different rules for residents and nonresidents and thereby violated the state constitution. million in revenue from the tax.

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Pennsylvania Tax Real Estate Entertainment 104

CPA Practice

OCTOBER 5, 2023

The IRS is slashing the costs for paid tax return preparers to renew their preparer tax identification numbers (PTINs) in 2024 by nearly 36%, after a court ruled earlier this year that the agency had previously overcharged tax professionals to obtain a valid PTIN. fee paid to a third-party contractor, for a total of $19.75—down

tax preparation 105

tax preparation tax return Tax 105

CPA Practice

MARCH 10, 2023

Recent tax legislation has tightened up the rules, but qualified borrowers may still be entitled to generous write-offs. Under the Tax Cuts and Jobs Act (TCJA), the interest is deductible on acquisition debt up to a $750,000 threshold for 2018 through 2025, down from $1 million. Tax outcome : The Tax Court sided with the IRS.

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Tax Arizona income tax Construction 98

Withum

MARCH 17, 2023

For months, the theatre community has been on the edge of their seat waiting for the finalization of the updated legislation from the UK government regarding the Theatre Tax Relief (TTR). In 2021 the tax relief was raised to 45% and 50% for non-touring and touring productions respectively to help ease the pressures of the COVID pandemic.

Tax 64

Tax Entertainment CPA Government 64

Going Concern

AUGUST 16, 2024

Source: Thomson Reuters “The future of audit talent” Top Remote Accounting Candidates of the Week [ GC ] Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Those are some of the many careers available to a certified public accountant (CPA).

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audit auditor Tax Technology 105

CPA Practice

APRIL 21, 2023

So it was a huge win on Tuesday when Ford’s F-150 Lightning became one of just 10 vehicles to qualify for the full $7,500 in tax breaks laid out by the Inflation Reduction Act. The tax credits also only apply to new EVs with a sticker price below $55,000, or trucks and SUVs priced under $80,000. or don’t use American parts and pieces.

South Carolina 111

South Carolina Tax Iowa Colorado 111

CPA Practice

AUGUST 28, 2023

Making catch-up contributions on an after-tax Roth basis means paying taxes on your retirement savings during the years when you usually earn more.) Under SECURE 2.0, But you would have to make those extra contributions on a Roth basis, using after-tax money. The SECURE 2.0 they mistakenly left out specific language.

Tax 98

Tax Washington payroll Start-ups 98

CPA Practice

JANUARY 23, 2024

Part of the larger transformation work taking place at the IRS with Inflation Reduction Act funding, the Simple Notice Initiative will build off redesigned notice efforts in place for the 2024 tax season and expand on a recent successful pilot involving identity theft letters.

tax return 122

tax return Tax 122

CPA Practice

JULY 31, 2024

A retail delivery fee is not a tax but functions much like one. In Colorado and Minnesota, the only two states with a retail delivery fee at this time, the retailer or marketplace facilitator responsible for collecting and remitting sales tax is also responsible for the delivery fee. Why would Washington create a retail delivery fee?

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Washington Retail Minnesota Colorado 111

CPA Practice

JULY 12, 2024

Alex Brown Stateline.org (TNS) For decades, states have relied on gas taxes to provide much of the money to maintain roads and bridges. But as cars become more fuel efficient, and some Americans switch to electric vehicles, state leaders say the gas tax won’t pay the bills for much longer. Koegel said the measure was a compromise.

Colorado 105

Colorado Tax Transportation Minnesota 105

CPA Practice

AUGUST 28, 2024

The Tax Increase Prevention and Reconciliation Act of 2005 repealed the MAGI limitations for IRA conversions to Roth IRAs, effective for tax years beginning after 2009. However, the Tax Cuts and Jobs Act of 2017 repealed this ability, reflecting shifting governmental attitudes toward IRAs.

Tax 115

Tax Illinois CPA income tax 115

CPA Practice

JANUARY 31, 2023

The current tax law rules allow participants in defined contribution plans, like a 401(k) plan or a SIMPLE (short for Savings Incentive Match Plan for Employees) plan, to make elective contributions within generous limits. To accommodate this group, the tax law permits additional “catch-up contributions,” subject to a different set of limits.

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Tax accounted accountant Account 119

CPA Practice

MARCH 13, 2024

In the midst of the accounting profession entering a brave new world where digitization of tax and accounting processes is increasingly the norm, it should come as no surprise that the humble invoice is now in the crosshairs of governments around the globe, including the U.S. And in lock step, though behind the curve and less visible to U.S.

double entry bookkeeping 111

double entry bookkeeping accountant Account accounted 111

CPA Practice

OCTOBER 4, 2024

The Internal Revenue Service says its Direct File program has added 12 new states and will be available for the 2025 tax filing season. For the 2025 tax filing season, Direct File will also be available in Alaska, Connecticut, Idaho, Kansas, Maine, Maryland, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania and Wisconsin.

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Alaska South Dakota North Carolina tax return 126

Going Concern

JANUARY 12, 2024

Dunckley’s decision to step down came as a surprise to many, as he was expected to remain in his role until the end of 2026. About 500,000 tax professionals prepare returns for over 85 million taxpayers, she noted. Ryan’s successor would begin their term in July. “The IRS should prioritize improving service on this phone line.”

audit 111

audit auditor Illinois CPA 111

Withum

NOVEMBER 29, 2022

The real estate industry has gotten very comfortable with the luxury of having 100 percent bonus depreciation on certain asset classes since it was re-enacted by the Tax Cuts and Jobs Act on September 27, 2017. These are all items eligible for bonus depreciation and can result in tax savings and increased cash flow. Contact Us.

tax planning 64

tax planning Real Estate Tax Construction 64

SkagitCountyTaxServices

APRIL 18, 2024

The 2024 federal tax season has reached its end… well, unless you joined the other 19 million taxpayers and filed for an extension. That’s something we anticipate every year here at Padgett & Padgett, PLLC CPA. I’m not the only one proud of their tax season work. Trust is in short supply these days.

CPA 75

CPA accounting and finance Washington Tax 75

KROST

AUGUST 6, 2021

The Tax Cuts and Jobs Act passed in December 2017 limited the state and local tax (SALT) deduction for individuals to $10,000. The law is retroactive to years beginning on or after January 1, 2021 and continues for years ending before January 1, 2026. The tax for electing owners is 9.3%

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California Tax tax return Real Estate 52